XRP eyes $3.20 as bull-flag pattern forms, key support at $2.89

News background

• CME Group recently said its crypto futures suite surpassed $30 billion in notional open interest for the first time, with XRP futures crossing $1 billion in just over three months — the fastest pace for a new contract.
• Broader crypto sentiment improved after Fed Chair Jerome Powell’s Jackson Hole remarks, which boosted expectations of policy easing later this year.
• XRP continues to trade under the shadow of U.S. regulatory uncertainty, even as corporate treasuries explore cross-border payment pilots with Ripple’s technology.

Price action summary

• From August 26 at 03:00 to August 27 at 02:00, XRP gained 3.60%, rising from $2.89 to $2.99 within a $0.20 intraday band.
• The sharpest move came at 19:00 GMT on August 26, when XRP pierced $3.08 on extraordinary 167.60 million volume before rejecting at that level.
• In the final hour (01:21–02:20 GMT on Aug. 27), XRP oscillated within a $0.13 corridor, consolidating gains while holding steady near the $2.99–$3.00 zone.

Technical analysis

• Support: $2.89 remains the key base after multiple successful retests; $2.99 now acting as a psychological floor.
• Resistance: $3.06–$3.08 is the near-term ceiling, reinforced by the heavy rejection on high volume at $3.08.
• Momentum: RSI recovered from oversold 42 to the mid-50s, suggesting strengthening near-term trend.
• Volume: 167.60 million tokens changed hands during the $3.08 test — more than double the 30-day average — a clear sign of institutional participation.
• Patterns: Double bull-flag and rounding-bottom structures highlight potential upside, with technicians eyeing $5.85 as a longer-term breakout target.
• Compression: Diminishing peaks around $3.01–$3.00 in late trading indicate a coiling setup ahead of a directional move.

What traders are watching

• Whether $2.99–$3.00 can hold as a solid psychological support.
• A confirmed break above $3.08 potentially opens a run to $3.20 and beyond.
• Downside risks remain if $2.84 is breached, with $2.80 as the next key level.
• CME open-interest growth and institutional flows will be watched closely for confirmation of sustained momentum.